Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Gold continued to attract bids on Wednesday, moving sharply higher over short-term resistance, as safe-haven buying over the ongoing Ukraine conflict increased. Growing investor concerns over Chinese economic weakness also helped to push the yellow metal to its highest level since last September. Last night a large buy order of 4,000+ contracts pushed gold above $1,355 and the surge that began in Asian trading continued in European and U.S. trading. Gold ultimately topped the Comex session at $1,371.30 before closing slightly lower. Gold is now up in five of its last six sessions and in technical break-out mode above $1,360. Silver, platinum and palladium all gained as well.

The war of words between Russia and Western governments intensified Wednesday as both sides continued to posture and threaten reprisals. Ukraine�s Prime Minister Arseniy Yatsenuk was to meet with U.S. President Barack Obama today to request financial aid while Russia labeled possible U.S. aid to Ukraine illegal. Western threats of sanctions against Russia escalated Wednesday with both the U.S. and the E.U. moving more firmly towards defining possible Russian sanctions.

More ominously, Ukraine�s First Deputy Premier Vitaliy Yarema told the government in Kiev that Russian forces, who have already seized control of the Crimean peninsula, are �constantly increasing their presence� along Ukraine�s eastern frontier. A spokesman for Russian President Vladimir Putin declined to comment on the Ukrainian claims of a military buildup along the Ukraine border.

Meanwhile investors worldwide continued to digest China�s recent weak export data ahead of tomorrow�s reports on Chinese retail sales and factory output. Copper, a bellwether of Chinese economic activity, hit a four-year low this morning in European trading.

At the Comex close: April gold gained $23.60, to $1,370.30; May silver jumped 51 cents to $21.328; April platinum gained $11.70 to $1,476.30; and June palladium gained $6.65 to $777.15.